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UBAC PRMB Charge

Charge from President Fogel to the UBAC re: Post-Retirement Benefits

Here is the text of the charge from President Fogel to the University Benefits Advisory Council dated May 29, 2010:

1.  Review and discuss the projected long-term impact on budget of our existing post-retirement medical benefits program (“the program”), including Governmental Accounting Standards Board (GASB) requirements;

2.  Identify and examine options for adjustments to the program that reasonably balance its financial impact on the University and the needs of future retirees;

3.  Generate an advisory report that includes possible program adjustment scenarios, with associated pros and cons of each. The report should articulate and discuss the impact of various options on the University, not only monetarily, but also in terms of our human resource philosophy and principles (please see the attached document “Parameters for Compensation at The University of Vermont”) and of projected effects on recruitment, retention, and employee morale, along with any other issues identified by the Committee.

The scenarios should:

  • Include the likely impact on retirees, current employees, and prospective employees respectively;
  • Be informed by what other similarly situated higher education institutions are doing (i.e., those that have programs that are not associated with, or administered through, a state retirement program).

Please submit this report to me in writing no later than September 29, 2010.

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Last modified July 29 2010 02:11 PM